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How Much Will Raising a Kid Actually Cost You?

Having a child isn’t cheap, and it probably shouldn’t be. This isn’t a little splurge down at Banana Republic we’re talking about hereyou’re bringing life into the world! So before you throw away your last condom and start shooting to win in the sack, ask yourself if you’ve got a quarter-million bucks to invest in your mini-me.

That’s right: The average cost of raising a child from birth to eighteen years old is $245,340. Or at least that’s what it was back in 2013. You’ll wanna factor in roughly 2.5% inflation for every year after that.

And then comes college. If your future heir is heading for a public four-year in-state school, that’ll cost you $18,943 per year. Out of state tuition rises to $32,762 per year. If you’re fancy enough to be thinking private school, that’ll be $42,419 every year.

But look: The kid can get a job (or a scholarship!) to help pay for his (or her!) education. As for the rest, think of it this way: How much do you spend every day on booze, junk food, iTunes downloads, Uber rides, video games and other indulgences of bachelordom? Let’s say it averages out to $40 a day. Re-allocate that money and you’ve paid for the kid right there. So basically, you’re swapping Heineken, Burger King, and Assassin’s Creed for a living, breathing human being who looks like you and shares your name and will care for you until the end. It’s a noble trade.

_Sources: _

* Child rearing costs based on U.S. Department of Agriculture "Expenditures on Children by Families (2013)

* College costs based on The College Board’s Average Published Charges for Full-Time Undergraduates (2014-15)